beat: $315m powerball winner now broke

[willie]

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if you die you lose it all tho

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no, the annuity becomes part of your estate. It is an asset you own and will be given to the recepients of your will just like your money in the bank.

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Thats nice to know, I had always heard it was not willable as well.


If anyone wants more proof that this guy was a [censored] here is an old article that chronicles the first 3 yrs after he won.

http://www.washingtonpost.com/wp-dyn...2005Jan25.html

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lord what a fkn trainwreck.

[bobman0330]

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If he was losing tons of the monies at casinos after he hit the jackpot, couldn't he write off some of those losses and recoup some of the monies paid in winnings taxes?


Is that possible?

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He won the lottery around Christmas, and I don't think gambling losses carry back to previous years.

[DING-DONG YO]

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ALWAYS take the annuity option and not the lump sum payout when you buy a ticket. ALWAYS ALWAYS ALWAYS.



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NEVER NEVER NEVER EVER TAKE ANNUITY.

Time value of money bro.

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Read the rest of the thread [censored]

[steel108]

Any Cliff note versions of the article? I got to page 2 and was over it.

[Robin Foolz]

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A fool and his money are soon at party.

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[rothko]

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If he was losing tons of the monies at casinos after he hit the jackpot, couldn't he write off some of those losses and recoup some of the monies paid in winnings taxes?


Is that possible?

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no and it's not even close.

[bottomset]

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If he was losing tons of the monies at casinos after he hit the jackpot, couldn't he write off some of those losses and recoup some of the monies paid in winnings taxes?


Is that possible?

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no and it's not even close.

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are you sure?

I thought they withheld the money, like it was a quarterly payment and you can make normal deductions which may lower your tax bill